The Risk Universe is a digital information resource that seeks to shed some much needed illumination onto the world of operational risk management.

Vulnerable customers
The UK Financial Conduct Authority’s (FCA’s) approach to improving outcomes for vulnerable customers has its roots in past financial services scandals and enforcement actions. Although the emphasis may seem new to some, the regulator began considering how it wished to shape policy in this area as far back as 2015. Today, there is little doubt that the FCA is putting considerable focus on the treatment of vulnerable customers by firms and that this agenda is and will be weaving its way through many of the regulator’s policy initiatives going forward. Read our latest FREE report for more information.
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Latest News

Nordnet receives a remark and an administrative fine

Finansinspektionen (FI) is issuing Nordnet Bank AB a remark for violations related to the bank's intraday short selling service. Nordnet must also pay an administrative fine of SEK 100 million.

CFTC orders Glencore to pay $1.186 billion for manipulation and corruption

The Commodity Futures Trading Commission today issued an order filing and settling charges against Glencore International A.G. of Switzerland, Glencore Ltd. of New York, and Chemoil Corporation of New York (collectively, Glencore), an energy and commodities trading firm, for manipulative and deceptive conduct. The conduct, which spanned from least 2007 to 2018, involved manipulation and foreign corruption in the U.S. and global oil markets, including manipulation or attempted manipulation of four U.S. based S&P Global Platts physical oil benchmarks and related futures and swaps. Glencore is required to pay a total of $1.186 billion, which consists of the highest civil monetary penalty ($865,630,784) and highest disgorgement amount ($320,715,066) in any CFTC case.

SEC charges BNY Mellon investment adviser for misstatements and omissions concerning ESG considerations

The Securities and Exchange Commission today charged BNY Mellon Investment Adviser, Inc. for misstatements and omissions about Environmental, Social, and Governance (ESG) considerations in making investment decisions for certain mutual funds that it managed. To settle the charges, BNY Mellon Investment Adviser agreed to pay a $1.5 million penalty.

HSBC suspends head of responsible investment for downplaying climate risk

HSBC has reportedly suspended its head of responsible investment, Stuart Kirk, for giving a speech in which he argued that investors should be less worried about physical climate risk and seemed to belittle the concerns of communities dealing with rising sea levels.

Nationwide Life Insurance Company to pay $5.6 million for deferred to immediate annuity replacement violations

Superintendent of Financial Services Adrienne A. Harris announced today that the Department of Financial Services (“DFS”) has entered into a consent order with Nationwide Life Insurance Company (“Nationwide”) for violations of New York Insurance regulations with respect to deferred to immediate annuity replacement transactions. Nationwide will pay approximately $3.4 million in restitution to New York State consumers as a result of the settlement in addition to $2.24 million in penalties. Impacted consumers will also receive higher monthly payouts for the remainder of their contract terms.

SEC charges Wells Fargo Advisors with anti-money laundering related violations

The Securities and Exchange Commission today announced charges against Wells Fargo Advisors for failing to file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021. Wells Fargo Advisors, the St. Louis-based broker-dealer, has agreed to pay $7 million to settle the charges.

Axis Mutual Fund sacks its chief dealer Viresh Joshi who is facing probe for front-running

Axis Mutual Fund, India's seventh-biggest asset manager by way of pooled cash under management, has sacked its chief dealer Viresh Joshi who is facing probe for suspected irregularities.

$16 million grain trading fine for Kraft Heinz, Mondelēz

Mondelēz International and Kraft Heinz will pay $16 million to resolve a seven-year-old case of grain futures manipulation.

US pries into over 100 trader and banker phones in texting probe

The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp.

BNP Banker fired for terrorizing traders wins $1.8 million

A senior BNP Paribas SA banker fired after being accused of terrorizing subordinates on the trading floor was awarded nearly 1.7 million euros ($1.8 million) in compensation and lost bonuses.

SEC charges Allianz Global Investors and three former senior portfolio managers with multibillion dollar securities fraud

The Securities and Exchange Commission (SEC) today charged Allianz Global Investors U.S. LLC (AGI US) and three former senior portfolio managers with a massive fraudulent scheme that concealed the immense downside risks of a complex options trading strategy they called “Structured Alpha.” AGI US marketed and sold the strategy to approximately 114 institutional investors, including pension funds for teachers, clergy, bus drivers, engineers, and other individuals. After the COVID-19 market crash of March 2020 exposed the fraudulent scheme, the strategy lost billions of dollars as a result of AGI US and the portfolio managers’ misconduct. AGI US has agreed to pay billions of dollars as part of an integrated, global resolution, including more than $1 billion to settle SEC charges and together with its parent, Allianz SE, over $5 billion in restitution to victims.

Deutsche Bank gets WhatsApp information request from regulator

Deutsche Bank AG has been asked by one of its key supervisors to clarify how its staff use private messages for business purposes as regulators worldwide seek to curb the practice.

 
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